{"id":19036,"date":"2024-12-01T16:07:58","date_gmt":"2024-12-01T10:37:58","guid":{"rendered":"https:\/\/timesofpowerandvoice.com\/?p=19036"},"modified":"2024-12-01T16:08:00","modified_gmt":"2024-12-01T10:38:00","slug":"punes-festive-cheer-sparks-20000-property-registrations-marking-2024s-second-best-month-knight-frank-india","status":"publish","type":"post","link":"https:\/\/timesofpowerandvoice.com\/?p=19036","title":{"rendered":"Pune\u2019s festive cheer sparks 20,000+ property registrations, marking 2024\u2019s second-best month: Knight Frank India"},"content":{"rendered":"\n

Pune:<\/strong>\u00a0Knight Frank India, in its latest report highlighted robust growth in Pune’s property registrations for October 2024. The city recorded over 20,894 property registrations reflecting a notable 39% increase compared to the same period last year. Stamp duty collections also witnessed a significant boost, crossing INR 751 crores (Cr) with a 52% year-on-year (YoY) growth.<\/p>\n\n\n\n

The festive period, starting with Navratri and Diwali, traditionally considered auspicious for property purchases, played a key role in driving this growth in registrations. Additionally, the YoY increase can be partly attributed to the base effect; 2023 October’s first 14 days were influenced by the Shradh period, during which buyers typically refrain from major investments.  This year, Shradh ended on October 2nd<\/sup>, limiting its influence to just the first two days of the month. days of the month.<\/p>\n\n\n\n

Property registration and Stamp duty collection<\/strong><\/a><\/strong><\/p>\n\n\n\n

Period<\/strong><\/strong><\/td><\/td>Registrations (Units)<\/strong><\/strong><\/td><\/td>Stamp duty collection (INR cr)<\/strong><\/strong><\/td><\/td><\/tr>
Oct-23<\/td><\/td>14,983<\/td><\/td>495<\/td><\/td><\/tr>
Oct-24<\/td><\/td>20,894<\/td><\/td>751<\/td><\/td><\/tr>
YoY Change<\/strong><\/strong><\/td><\/td>39%<\/strong><\/strong><\/td><\/td>52%<\/strong><\/strong><\/td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Property registrations, Value of property and Stamp duty collection<\/strong><\/p>\n\n\n\n

Period<\/strong>(Jan-Oct)<\/strong><\/td>Total registration<\/strong><\/strong><\/td>Stamp duty collection (INR cr)<\/strong><\/strong><\/td><\/tr>
Jan to Oct 2022<\/td>112,008<\/td>3,827<\/td><\/tr>
Jan to Oct 2023<\/td>122,610<\/td>4,306<\/td><\/tr>
Jan to Oct 2024<\/td>159,306<\/td>6,004<\/td><\/tr>
2024 YoY<\/strong><\/strong><\/td>30%<\/strong><\/strong><\/td>39%<\/strong><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Property registrations, Value of property and Stamp duty collection<\/strong><\/p>\n\n\n\n

Year<\/strong><\/td>Month<\/strong><\/td>Total Registration<\/strong><\/td>Stamp Duty Collection<\/strong>(INR Cr)<\/strong><\/td><\/tr>
2023<\/td>October<\/td>14,983<\/td>495<\/td><\/tr>
2023<\/td>November<\/td>14,988<\/td>485<\/td><\/tr>
2023<\/td>December<\/td>14,725<\/td>560<\/td><\/tr>
2024<\/td>January<\/td>17,786<\/td>589<\/td><\/tr>
2024<\/td>February<\/td>18,791<\/td>662<\/td><\/tr>
2024<\/td>March<\/td>22,189<\/td>822<\/td><\/tr>
2024<\/td>April<\/td>14,244<\/td>566<\/td><\/tr>
2024<\/td>May<\/td>12,280<\/td>547<\/td><\/tr>
2024<\/td>June<\/td>14,690<\/td>545<\/td><\/tr>
2024<\/td>July<\/td>13,731<\/td>521<\/td><\/tr>
2024<\/td>August<\/td>13,397<\/td>592<\/td><\/tr>
2024<\/td>September<\/td>11,056<\/td>508<\/td><\/tr>
2024<\/td>October<\/td>20,894<\/td>751<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)<\/em><\/em><\/p>\n\n\n\n

In the first ten months of 2024, Pune’s residential sector demonstrated remarkable growth, with property sale registrations surpassing 1.5 lakh units\u2014the fastest pace in the last two years. The city recorded 159,306 property registrations, marking a 30% increase compared to the same period in 2023. Stamp duty collections also saw a notable rise, exceeding INR 6,004 crores, reflecting a 39% YoY growth.<\/p>\n\n\n\n

This impressive performance was driven by Pune\u2019s ongoing infrastructure development, its relative affordability compared to other major cities, and a strong cultural inclination toward homeownership, all of which fueled robust demand throughout 2024.<\/p>\n\n\n\n

Demand for homes priced INR 1 cr and above surged in October 2024<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Pune\u2019s housing market saw a rise in demand for properties priced at INR 1 cr and above. The luxury segment grew from 11% in October 2023 to 14% in October 2024. Meanwhile, homes in the INR 50 lakh\u20131 cr range remained the most popular amongst home buyers. <\/p>\n\n\n\n

Share of ticket size for residential property transactions<\/strong><\/p>\n\n\n\n

Ticket size<\/strong><\/strong><\/td>Share in Oct 2023<\/strong><\/strong><\/td>Share in Oct 2024<\/strong><\/strong><\/td><\/tr>
Under INR 25 lakhs <\/td>21%<\/td>21%<\/td><\/tr>
INR 25 \u2013 50 lakhs <\/td>35%<\/td>31%<\/td><\/tr>
INR 50 lakhs – 1 Cr <\/td>32%<\/td>32%<\/td><\/tr>
INR 1 Cr \u2013 2.5 Cr<\/td>11%<\/td>14%<\/td><\/tr>
INR 2.5 Cr \u2013 5 Cr<\/td>1%<\/td>2%<\/td><\/tr>
Over 5 Cr<\/td><=1%<\/td><=1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)<\/em><\/em><\/p>\n\n\n\n

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, \u201cPune\u2019s residential market demonstrated exceptional momentum in the first ten months of 2024, with property registrations surpassing 1.5 lakh units\u2014the fastest growth in two years\u2014resulting in a 39% YoY rise in stamp duty collections. October further strengthened this trajectory, driven by festive demand, stable interest rates, rising preference for premium homes, and optimistic buyer sentiment. The 30% YoY increase in registrations underscores the market\u2019s resilience, bolstered by rising incomes, accessible financing, and ongoing infrastructure advancements, cementing Pune\u2019s position as a leading destination for homebuyers.\u201d<\/em><\/strong><\/em><\/strong><\/a><\/p>\n\n\n\n

Higher demand for larger apartments sustains<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Share of apartments larger than 800 sq ft increased from 28% in October 2023 to 32% in October 2024, reflecting the continued demand for bigger homes following the pandemic experience.<\/p>\n\n\n\n

Share of area for residential property transactions<\/strong><\/p>\n\n\n\n

Area in sq ft<\/strong><\/td>Share in <\/strong>Oct <\/strong>2023<\/strong><\/td>Share in <\/strong>Oct <\/strong>2024<\/strong><\/td><\/tr>
Under 500<\/td>25%<\/td>22%<\/td><\/tr>
500-800<\/td>47%<\/td>46%<\/td><\/tr>
800-1000<\/td>14%<\/td>15%<\/td><\/tr>
1000- 2000<\/td>12%<\/td>14%<\/td><\/tr>
Over 2000<\/td>2%<\/td>3%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)<\/em><\/p>\n\n\n\n

Central Pune contributed 80% of residential transactions in October 2024<\/strong><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

In October 2024, Central Pune\u2014including Haveli Taluka, Pune Municipal Corporation (PMC), and Pimpri Chinchwad Municipal Corporation (PCMC)\u2014remained the primary hub for residential transactions, contributing 80% of the market. However, this share saw a slight dip compared to last year, as new developments in other parts of the city cater to Pune\u2019s evolving homebuyer preferences. West Pune, encompassing Mawal, Mulshi, and Velhe, held the second-largest share at 12%, while North, South, and East Pune collectively accounted for 7% of transactions during the same period.<\/p>\n\n\n\n

Share of micro markets for residential property transactions<\/strong><\/p>\n\n\n\n

Micro market<\/strong><\/td>Share in <\/strong>October 2023<\/strong><\/strong><\/td>Share in <\/strong>October 2024<\/strong><\/strong><\/td><\/tr>
North<\/td>5%<\/td>5%<\/td><\/tr>
South<\/td>3%<\/td>1%<\/td><\/tr>
East<\/td>1%<\/td>1%<\/td><\/tr>
West<\/td>9%<\/td>12%<\/td><\/tr>
Central<\/td>82%<\/td>80%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Source: Knight Frank Research, Maharashtra Govt- Dept. of Registrations and Stamps (IGR)<\/em><\/p>\n\n\n\n

Micro Markets<\/strong><\/strong><\/td><\/tr>
Zone<\/strong><\/td>Taluka<\/strong><\/td><\/tr>
North<\/td>Junnar, Ambegaon, Khed<\/td><\/tr>
South<\/td>Bhor, Purandhar, Baramati, Indapur<\/td><\/tr>
East<\/td>Shirur, Daund<\/td><\/tr>
West<\/td>Mawal, Mulshi, Velhe<\/td><\/tr>
Central<\/td>Haveli, Pune city (Pune Municipal corporation (PMC) & Pimpri Chinchwad Municipal Corporation (PCMC))<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

Pune:\u00a0Knight Frank India, in its latest report highlighted robust growth in Pune’s property registrations for October 2024. The city recorded over 20,894 property registrations reflecting a notable 39% increase compared to the same period last year. Stamp duty collections also witnessed a significant boost, crossing INR 751 crores (Cr) with a 52% year-on-year (YoY) growth. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71,44],"tags":[],"class_list":["post-19036","post","type-post","status-publish","format-standard","hentry","category-business","category-pune"],"_links":{"self":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/19036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19036"}],"version-history":[{"count":1,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/19036\/revisions"}],"predecessor-version":[{"id":19037,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/19036\/revisions\/19037"}],"wp:attachment":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}